Car PCP Finance

[psychocandy]

Does that mean you use PCP for 2nd hand cars? I'm on my third PCP deal now but always ended up getting brand-new (Audi) as the APR and discounts are usually way better. Maybe it's just Audi and I should shop around next time, but when I enquired about an 18 month old Q5, the APR was almost double and it basically made it way too expensive.

Just interested to know what sort of deals people have got. I don't mind spending £400/month but that never seems to get me anywhere near BMW 740 territory...

Looked at PCH - contract hire too. Seems like a good deal. Only thing putting me off the large start up payment mostly. And the extra mileage cost as with PCP....

Seems quite cheap. Those of you who use PCP though and just give the car back - does this mean you then need to find the deposit again for the next deal.

I had a thick mate who was convinced he was getting a bargain - BMW for £300 a month or whatever. He though this was forever and he keep swapping it. At the end of the PCP period, he gave it back then realised he had to stump up a deposit and this time had no old car to part-ex of course.

[Sausage Surprise]

Bit of an odd one so apologies if it's in the wrong forum or has been covered (did have a look and can't see).

I'm considering buying a car on one of these PCP finance deals and am wondering if anyone else has done this recently? I'm wondering if they're going to try and poke into my work situation and simply not understand it. (Contracting through my own Limited, have been for a little under a year).

I have a very good credit score so that'll be no issue but if they start asking about employers details and wanting to look at payslips I'm guessing that they're not going to get the situation and it'll be a huge mess.

Anyone know the score?

No problem - had various BMWs for the past 10 years.

[eek]

Car PCP Finance

Looked at PCH - contract hire too. Seems like a good deal. Only thing putting me off the large start up payment mostly. And the extra mileage cost as with PCP....

Seems quite cheap. Those of you who use PCP though and just give the car back - does this mean you then need to find the deposit again for the next deal.

I had a thick mate who was convinced he was getting a bargain - BMW for £300 a month or whatever. He though this was forever and he keep swapping it. At the end of the PCP period, he gave it back then realised he had to stump up a deposit and this time had no old car to part-ex of course.

That's why contract hire or outright purchase are better. For the former you can keep the deposit as low as possible, for the latter it's yours to begin with.

Mind you I don't drive a bmw. I find turning up in cars worth far more than what a permie earns starts you off on the wrong foot from which you'll never recover

[Sausage Surprise]

Does that mean you use PCP for 2nd hand cars? I'm on my third PCP deal now but always ended up getting brand-new (Audi) as the APR and discounts are usually way better. Maybe it's just Audi and I should shop around next time, but when I enquired about an 18 month old Q5, the APR was almost double and it basically made it way too expensive.

Just interested to know what sort of deals people have got. I don't mind spending £400/month but that never seems to get me anywhere near BMW 740 territory...

£400-450 (depending on deposit) will get you a 320D Sport Xdrive based on 25000 miles a year

[Sausage Surprise]

Looked at PCH - contract hire too. Seems like a good deal. Only thing putting me off the large start up payment mostly. And the extra mileage cost as with PCP....

Seems quite cheap. Those of you who use PCP though and just give the car back - does this mean you then need to find the deposit again for the next deal.

I had a thick mate who was convinced he was getting a bargain - BMW for £300 a month or whatever. He though this was forever and he keep swapping it. At the end of the PCP period, he gave it back then realised he had to stump up a deposit and this time had no old car to part-ex of course.

Contractors don't worry about finding deposits shirley?

[Willapp]

Seems quite cheap. Those of you who use PCP though and just give the car back - does this mean you then need to find the deposit again for the next deal.

I think it depends on the brand and how accurately they predict the future value of the car - assuming you don't exceed the mileage too much there's supposed to be enough equity in the car that you use it as the deposit for the next one, meaning you can theoretically roll the PCPs on again and again. Depends a lot on whether you upgrade to bigger/more expensive cars though.

I think I'll look at PCH next time though, reckon I might get a better deal.

[psychocandy]

That's why contract hire or outright purchase are better. For the former you can keep the deposit as low as possible, for the latter it's yours to begin with.

Mind you I don't drive a bmw. I find turning up in cars worth far more than what a permie earns starts you off on the wrong foot from which you'll never recover

Years ago I had a lemon yellow Hyundai Coupe. Nice car - looked the part at least. But wasnt that expensive - cost me £14K new. (this was 1999).

Only bought it because I handed in company car from permie job so it was chance to get something nice. Picked it up at midnight, started gig at 9am!

Remember one of the permies seeing me one day. Had a massive strop telling me I was a flash git.

[psychocandy]

Contractors don't worry about finding deposits shirley?

6+23 seems a chunk to pay up front thats all.

[TestMangler]

Years ago I had a lemon yellow Hyundai Coupe. Nice car - looked the part at least. But wasnt that expensive - cost me £14K new. (this was 1999).

Only bought it because I handed in company car from permie job so it was chance to get something nice. Picked it up at midnight, started gig at 9am!

Remember one of the permies seeing me one day. Had a massive strop telling me I was a flash git.

That is a hairdressers car. I had the sunburst orange one in 2000

Edit - If you're talking anything less than the 2.7, then it's not even a hairdressers car.

[eek]

6+23 seems a chunk to pay up front thats all.

You can get 1+23 or 3+23 you just have to ask. Many companies use the high initial fees to reduce the headline advertised figures.... The only thing that really matters is the total figure (initial + all monthly fees + admin fee)/ contract length in months